UOB Puts a S$500 Million Investment in Punggol Digital District Tech and Innovation Centre
Photo by JTC
In a bid to advance its digital aspirations, UOB has committed to constructing a new global technology and innovation centre within the smart business district of Punggol Digital District (PDD), which is being developed by JTC. With a projected completion date of 2026, the 300,000 sq ft centre is set to accommodate approximately 3,000 technology, innovation, and digital professionals.
According to UOB's announcement on Tuesday (April 18), the bank has invested more than S$500 million in the project, making it the largest commercial investor in PDD to date. Its new global technology and innovation centre, which is being built in Punggol Digital District, will incorporate environmentally friendly features in keeping with the district's focus on sustainability. It is also intended to provide top-notch work environments that will boost employee performance and engagement.
Additionally, UOB stated that the center will function as a design and developmental hub that will enhance its digital capabilities and enable it to promote innovation on a larger scale. The bank also intends to establish an innovation lab for its UOB TMRW all-in-one app at the centre, where new products and features will be generated, developed, tested, and introduced to the region.
As part of its expansion plans, UOB has revealed that it will be relocating its innovation accelerator, The FinLab, to Punggol Digital District. The FinLab has been instrumental in driving digital and sustainability transformations for small and medium-sized enterprises, as well as enabling early-stage fintechs to scale.
Furthermore, UOB has partnered with the Singapore Institute of Technology (SIT) to create a Fintech Innovation Lab at SIT's upcoming Punggol campus. This collaboration will allow UOB's employees, SIT's academic staff, and students to engage in fintech innovation, training, and development, and to participate in applied research and innovation, resulting in integrated solutions that tackle actual business challenges, according to UOB.
To strengthen its sustainability initiatives, UOB has also signed a memorandum of understanding with JTC to collaborate on Singapore's decarbonization drive for businesses. They have joined forces to organize capacity-building workshops for local industrialists within and beyond Punggol Digital District, starting in the latter half of 2023.
Additionally, JTC has launched the second phase of PDD's development, which includes three new business park towers spanning 1.2 million sq ft and offering commercial and business park spaces. Aside from UOB, Delteq, a local systems integrator, and Target Media Culcreative, a digital media agency, are also expected to join the PDD community, according to JTC.
Tan Boon Khai, JTC's CEO, stated that the new development has received "significant interest" from companies, and it is set to begin opening progressively next year. Tan predicts that the project will become the launchpad for new growth technologies and capabilities in the region. He added that PDD embodies JTC's new generation of industrial development, which goes beyond traditional real estate solutions to benefit industrialists and partners alike.